This archive report was first published on 14 November 2019.
KCB Group Posts KSh 19.2 Billion Profit for First 9 Months of 2019 ¶
Kenya Commercial Bank (KCB) Group has announced a 6% increase in its profit for the first nine months of 2019, reaching KSh 19.2 billion. The lender's profit after tax surged 6% to KSh 19.2 billion for the 9 months ending September 2019 on the back of significant growth in its loan book and non-funded income.
According to KCB Group Chief Executive Officer Joshua Oigara, the lender's profit after tax surged 6% to KSh 19.2 billion for the 9 months ending September 2019. Oigara attributed the growth to the lender's strong third quarter, which witnessed growth across various segments.
Despite a tough operating environment in the countries KCB operates in, four of its subsidiaries returned profit other than Uganda. The combined after-tax profit for its international business increased by 8% to KSh 1.3 billion.
Joshua Oigara noted that the acquisition of National Bank is expected to further the group's position in the domestic banking sector and strengthen its ability to access more business flows. National Bank registered a KSh 675 million before tax for the period ended Monday, September 30, representing a 45% growth from a similar period in 2018.
Co-operative Bank on the other hand posted a 6% increase in after-tax profit for the first nine months ending September 2019 to KSh 10.9 billion.
